BofA Securities has reiterated its Buy recommendation on Regeneron Pharmaceuticals Inc. (NASDAQ:REGN), assigning a price target of $860.00, according to a research note released Monday. That target aligns with InvestingPro data cited in the note, which indicates the stock appears undervalued on a Fair Value basis, with shares trading at $753.55.
In revising its model, BofA incorporated several company disclosures and events: the fourth-quarter Eylea pre-announcement, an IPR&D disclosure, a $60 million donation (totaling $120 million), and Regeneron’s guidance for R&D in 2026. Those updates informed the firm’s revenue and franchise estimates going forward.
On a segmented basis, BofA projects fourth-quarter collaboration revenue from Sanofi of $1.6 billion, a 32% increase year-over-year, and collaboration revenue from Bayer of $361 million, a decline of 4% year-over-year. The firm also modeled fourth-quarter Libtayo sales of $425 million, up 16% year-over-year.
Looking to 2026, BofA has lifted its forecast for U.S. Eylea franchise revenues to $4.43 billion from a prior estimate of $4.35 billion. That revised figure sits above consensus estimates of $3.95 billion, according to the research note.
BofA’s Buy stance reflects several drivers cited by the firm: the potential of Eylea HD, upside possibilities tied to Dupixent, and broader pipeline opportunities. The firm’s updated model incorporates the mix of recent announcements and regulatory and commercial considerations conveyed by the company.
Other sell-side firms have moved in response to Regeneron’s recent disclosures and prerelease information. Raymond James reported the company’s fourth-quarter prerelease showed mixed results for the Eylea franchise, with Eylea 2mg missing consensus expectations at $577 million, while Eylea HD outperformed forecasts by generating $506 million despite inventory impacts. Following the revenue announcements, Raymond James raised its price target to $820.
Evercore ISI raised its price target to $875, citing continued Dupixent growth and the expected launch of Eylea HD in a prefilled syringe format by 2026. Leerink Partners increased its price target to $873 and projected an 11% five-year compound annual growth rate for earnings per share from 2026 to 2031.
RBC Capital has maintained a Sector Perform rating with a $708 price target, while noting positive developments such as the Eylea HD label expansion and pipeline successes. Stifel highlighted Regeneron’s JPM healthcare conference announcements - which included new Th2-targeted programs and plans to extend Dupixent dosing intervals - and characterized those items as validating the thesis of Apogee Therapeutics. These analyst moves and commentary collectively reflect a generally positive sentiment among several firms toward Regeneron’s growth trajectory.
The variety of analyst actions following Regeneron’s announcements underscores a mix of optimism and near-term variability: some products and formats are tracking above expectations, others have missed, and firms are recalibrating models and price targets in response to the updated revenue data and program disclosures.